Economic activity is important for the individual and society and it is essential for any student to gain as much insight as possible into the functioning of the economic world. Since Economics is a social science that studies an eternal problem of man, namely how to satisfy unlimited wants with limited resources, it has a bearing on everyone. As members of society, each one of us is a consumer (purchasing goods and services to satisfy our needs) and a producer (using various skills in the work place to produce ‘something'). But how does this system function? How does the South African economy fit into the global economy? What can be done to encourage higher economic growth, resulting in a better standard of living for all? Economists study these and other issues.
Economics allows a wide choice of careers. Although some careers require postgraduate studies in Economics and Econometrics, experience has shown that undergraduate qualifications in Economics yield good returns for careers in the business world and in the public sector. In business, microeconomics facilitates logical decision-making in the firm while macroeconomics provides insight into the economic environment within which the enterprise operates. Majoring in Economics may also improve the likelihood of promotion in government departments. Economics also creates opportunities in teaching and is recommended for students who envisage a career in journalism.